08-25-99 La Porte Reinvestment Zone Number One

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. t I:' ARTICLE I PURPOSES The La Porte Redevelopment Authority (the "Authority") is organized for the purpose of aiding, assisting, and acting on behalf of the City of La Porte, Texas (the "City") in the performance of its governmental functions to promote the common good and general welfare of the area included in Reinvestment Zone Number One, City of La Porte, Texas (the "La Porte Reinvestment Zone") and neighboring areas in La Porte (the" La Porte Area"); to promote, develop, encourage and maintain housing, educational facilities, employment, commerce and economic development in the City. The Authority is further organized to aid, assist and act on behalf of the City and the Board of Directors of the La Porte Reinvestment Zone: (a) in the implementation of the Project Plan and a Financing Plan for the La Porte Reinvestment Zone and the preparation and implementation of amendments thereto; (b) in the development of a policy to finance development and redevelopment of residential, public and commercial properties in the La Porte Area; and (c) in the development and implementation of a redevelopment policy for the La Porte Area, including the acquisition of land for redevelopment purposes. The Authority is formed pursuant to the provisions of the Act as it now or may hereafter be amended, and Chapter 394, Local Government Code, which authorizes the Authority to assist and act on behalf of the City and to engage in activities in the further- ance of the purposes for its creation, provided that the Authority shall not be authorized to make or acquire home mortgages, or to make loans to lending institutions, the proceeds of which are to be used to make home mortgages or to make loans on residential developments. The Authority shall have and exercise all of the rights, powers, privileges, authority, and functions given by the general laws of Texas to non-profit corporations incorporated under the Act including, without limitation, Article 1396, Vernon's Texas Civil Statutes. The Authority shall have all other powers of a like or different nature not prohibited by law which are available to non-profit corporations in Texas and which are necessary or useful to enable the Authority to perform the purposes for which it is created, including the power to issue bonds, notes or other obligations, and otherwise exercise its borrowing power to accomplish the purposes for which it was created, provided that the Authority shall not issue bonds without the consent of the City Council of the City. The Authority is created as a local government corporation pursuant to the Act and 1